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He will never be in as good a situation as he is now as the consensus #1 pick. Besides injury risks just an off year could slide him down for a loss of tens of millions. Ask Lienart or Locker. As for a rookie cap there is at least a chance for a grandfather clause to ease that in over the first couple years. Whatever chance there is for 2011 diminishes every year after that. When you consider the odds of a kid making in to Div 1 as a QB and then further to be considered an NFL prospect all the way to the concensus #1 pick you defy all odds. Thats better than having $100M on the table with the dealer showing a 9 and you have two 10s and you take another card. Andrew Luck is sitting on black jack, Cash in your chips son and if you feel guilty build stanford a new locker room ala Phil Knight.
By the same token if he's good enough to be the first pick in the draft he's also good enough to play another year of college and get better and go 1 overall next year. If he has the confidence to turn pro early, it takes just as much confidence to not turn pro and believe you can be even better next year.
The easy thing to do is turn pro.